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Ivy IG International Small Cap Fund

  • $11.30 NAV as of 10/18/2018
  • ($-0.14) / -1.22% Daily NAV Change
  • -10.88% YTD (NAV)

Summary

An international gateway to small cap opportunities

Sound philosophy
Seeks small-cap companies across the international landscape that exhibit perceived growth at a reasonable price.
Fundamental + Thematic
Fund employs a proprietary, fundamentally driven stock selection process while incorporating a top-down view for thematic drivers.
Proven manager
I.G. International Management Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 35 years industry experience.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Martin Fahey, CFA

  • I.G. International Management Limited
  • 1 Year with Fund
  • 30 Years in Industry
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Martin Fahey brings more than 25 years of experience and a broad European and international scope to the investment decision making process and fund management at I.G. International Management Limited. Prior to joining the firm in 1993, Martin held various investment management positions at AMP Asset Management and United Friendly Insurance. As Head of European Equities, Martin is responsible for overseeing the investment process of all European mandates. Mr. Martin Fahey is the Portfolio Manager for Investors European Equity Fund, Investors European Mid-Cap Equity Fund, Investors International Small Cap Class and Ivy IG International Small Cap Fund. A native of Ireland, Martin is a Chartered Financial Analyst charterholder and has also successfully completed the International Investment Management Research exam. He earned his Bachelor of Commerce and Master of Business Studies (Honors) degree at University College Galway.

Bryan Mattei, CFA

  • I.G. International Management Limited
  • 1 Year with Fund
  • 12 Years in Industry
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Bryan Mattei brings more than 10 years of experience in the investment management industry to I.G. International Management Limited and is located in our Hong Kong office. Prior to joining I.G. International Management Limited in 2013, Bryan was Head of Research for Cantor Fitzgerald in Ireland. Before this he was Equity Fund Manager in the Wealth Management division of IBRC in Dublin where he managed the Japan Equity Fund and the European Equity Fund. He was Co-manager of both the Large Cap M&A and Long/Short Equity funds. As Portfolio Manager, Bryan focuses on the Asian small cap sector with a particular emphasis on Japan. Bryan is Co-Portfolio manager for Investors International Small Cap Fund and Ivy IG International Small Cap Fund, where he is focused on developed markets in Asia, and Investors Pan Asian Equity Fund. Originally from the U.S., Mattei is a Chartered Financial Analyst. He earned his Bachelor of Science magna cum laude from Boston College, Carroll School of Management and also studied business, economics and social sciences at the University of Dublin, Trinity College.

Seamus Kelly

  • I.G. International Management Limited
  • <1 Year with Fund
  • 20 Years in Industry
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Seamus Kelly joined I.G. International Management Limited in 2014 and is located in the firm's Dublin office. Mr. Kelly is responsible for the management of Investors International Equity Fund and co-portfolio management responsibilities for Investors European Equity Fund. In addition, Mr. Kelly was added as a co-portfolio manager to the Ivy IG International Small Cap Fund in January 2018. He previously worked closely with the team providing market insight and research support. Prior to joining the firm, Mr. Kelly worked for Merrion Investment Management, as Senior Investment Manager with primary responsibility for Merrion's flagship Managed Fund, a global multi-asset fund. Mr. Kelly has a Bachelor of Business Studies, Economics & Finance degree from the University of Limerick, a Master of Science in Investment and Treasury degree from Dublin City University and a Diploma in Technical Analysis from the U.K. Society of Technical Analysts.

Growth of a $10,000 Investment
through 9/30/2018

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Documents

Perspectives

Mt Fuji
  • June 19, 2018

When Bigger Isnt Always Better The Case For Japanese Small Cap Stocks

We believe Japanese small cap equities are far less exposed to shaky global trade dynamics and currency fluctuations than their large cap counterparts. Take a look at our top-five reasons that make them a compelling addition to an international small cap portfolio.

Quarterly Fund Commentary

Daily Prices as of 10/18/2018

Net Asset Value (NAV) $11.30
Daily NAV Change ($) ($-0.14) -1.22%
Weekly NAV Change ($) $-0.04 -0.35%
Public Offering Price (POP) $11.30

Fund Facts

Ticker Symbol IVJCX
CUSIP 46600A674
Fund Code 378
Fund Type Global/International
Fund Inception 1/10/2017
Class Inception 1/10/2017
Fiscal Year End September
Dividends Paid December
Fund Assets (as of 9/30/2018) $172.9 mil
Total Equity Holdings (as of 9/30/2018) 94
Total Holdings (as of 9/30/2018) 96
Portfolio Turnover Rate (as of 3/31/2018) 31%
Morningstar Category Foreign Small/Mid Growth
Lipper Category International Small-/Mid-Cap Growth Funds
Benchmark MSCI EAFE Small Cap NR USD

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC -5.22% 1.17% 11.93%
Fund at NAV -4.26% 1.17% 11.93%
MSCI EAFE Small Cap NR USD -2.19% 3.73% 12.39% 7.96% 9.68%
Morningstar Foreign Small/Mid Growth -0.77% 5.37% 11.59% 7.59% 9.88%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC -5.22% 1.17% 11.93%
Fund at NAV -4.26% 1.17% 11.93%
MSCI EAFE Small Cap NR USD -2.19% 3.73% 12.39% 7.96% 9.68%
Morningstar Foreign Small/Mid Growth -0.77% 5.37% 11.59% 7.59% 9.88%

Morningstar Ranking as of 9/30/2018 Morningstar Logo

Category: Foreign Small/Mid Growth
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 119/141 84
3 Year —/—
5 Year —/—
10 Year —/—

Expense Ratios as of 7/31/2018

Net 2.17%
Gross 2.33%

5-Year Standard Deviation as of

MSCI EAFE Small Cap NR USD N/A

Distributions

Historical Prices Inception 1/10/2017

10/1/2018 $12.17 NO NO
10/2/2018 $12.13 NO NO
10/3/2018 $12.08 NO NO
10/4/2018 $11.97 NO NO
10/5/2018 $11.90 NO NO
10/8/2018 $11.82 NO NO
10/9/2018 $11.73 NO NO
10/10/2018 $11.49 NO NO
10/11/2018 $11.34 NO NO
10/12/2018 $11.37 NO NO
10/15/2018 $11.33 NO NO
10/16/2018 $11.49 NO NO
10/17/2018 $11.44 NO NO
10/18/2018 $11.30 NO NO

Historical Distributions Inception 1/10/2017

No results found.

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 9/30/2018

NAV 0.00%
With Sales Charge 0.00%

Portfolio

Top 10 Equity Holdings as a % of net assets 9/30/2018

SCSK Corp. SCSK Corporation provides a variety of IT services including system solutions, software development, and data center and communication network management. The Company sells packaged software and network equipment and develops software for distribution, manufacturing, and financial systems among others. SCSK handles infrastructure software as well. 2.29%
SG Holdings Co. Ltd. 2.20%
Matsumotokiyoshi Holdings Co. Ltd. Matsumotokiyoshi Holdings Co., Ltd. is a holding company established through reorganization of Matsumotokiyoshi. The Company operates a drug store chain, selling medicines, cosmetics, health foods, beauty care products, pets products, and household utensils in the Tokyo metropolitan area. The Company also operates supermarkets and home centers. 2.03%
NGK Spark Plug Co. Ltd. NGK Spark Plug Co., Ltd. manufactures and markets spark plugs for automobiles, motorcycles, agricultural machinery, ships, and aircrafts. It also makes ceramic products for semiconductor and telecommunication equipment. NGK has subsidiaries in the U.S., Canada, France, Germany and South Korea. 1.91%
Okamura Corp. 1.78%
Total Produce plc Total Produce PLC markets and distributes a wide range of branded fresh produce to pan European and National retailers and wholesaler. The Company offers products that include bananas, citrus, apples, pears, stonefruit, grapes, tomatoes, pineapples, exotics, salads, vegetables, and potatoes. 1.71%
Nifco, Inc. Nifco, Inc., is a global provider of functional parts made of plastic resin. It serves clients in car parts, household equipment, consumer electronics, office automation, fashion and other industries. 1.69%
Teleperformance SE Teleperformance is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management. 1.68%
OSG Corp. OSG Corp. manufactures machine tool equipment such as taps, end mills, thread rolling dies, gauges, and drills, as well as related machinery. It operates production plants in the U.S., Brazil and Taiwan. 1.68%
TechnoPro Holdings, Inc. TechnoPro Holdings, Inc., engages in the provision of technician dispatch and contracting business related to machinery, electrical, electronic, embedded control, software development and maintenance, biochemistry, and construction management. The company was founded in 2006 and is headquartered in Tokyo, Japan. 1.68%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2018

Large ( > $10 bil) 4.4%
Medium ($2 - $10 bil) 59.0%
Small ( < $2 bil) 36.6%
Median Market Cap (as of 9/30/2018) $2.5 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2018

Industrial Machinery 5.0%
Auto Parts & Equipment 4.3%
IT Consulting & Other Services 4.0%
Construction Machinery & Heavy Trucks 3.7%
Industrial REITs 3.5%
Restaurants 3.4%
Real Estate Operating Companies 3.4%
Regional Banks 2.9%
Casinos & Gaming 2.9%
Commodity Chemicals 2.6%

Sector Allocation
as a % of equity assets as of 9/30/2018

Industrials 22.05%
Consumer Discretionary 20.75%
Information Technology 14.06%
Real Estate 11.54%
Materials 9.70%
Financials 9.03%
Health Care 4.78%
Consumer Staples 3.92%
Energy 2.53%
Utilities 1.64%

Portfolio Composition
as a % of net assets as of 9/30/2018

Foreign Common Stock 95.78%
Cash and Cash Equivalents 4.22%

Equity Country Allocation
as a % of equity assets as of 9/30/2018

Japan 37.5%
United Kingdom 13.4%
France 9.0%
Germany 8.6%
Ireland 7.6%
Australia 5.8%
Singapore 3.0%
Isle Of Man 2.6%
Spain 2.1%
Austria 1.9%
Hong Kong 1.8%
Netherlands 1.2%
Luxembourg 1.2%
Italy 0.9%
Switzerland 0.9%
Belgium 0.8%
Sweden 0.5%
Estonia 0.5%
Canada 0.4%
Israel 0.2%

Total Portfolio Holdings

Updated quarterly, upon availability.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed markets and countries around the world, excluding the US and Canada. It is not possible to invest in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.45%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or WISC, the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund’s Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The Fund is sub-advised by I.G. International Management Limited, which delegates to its subsidiary, I.G. Investment Management (Hong Kong) Limited, for additional portfolio management responsibilities. References to I.G. International Management Limited include both entities.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.